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. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next year anticipating what's going to happen. we can fix this christmas eve if we want, but we've already hurt the economy and job growth. >> are you with boehner? >> i'm not with boehner. this government doesn't need anymore money. this country needs less government. we're going to have historic levels of revenue to the government this year. >> everyone's taxes are going up at the end of the year if there's no deal. >> we have already offered to extend current tax rates. that's what we should have done six months ago until we could come to some agreement, some compromise on tax reform. >> wh
. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next...
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on the fiscal cliff. >> how does it play into fiscal cliff negotiation? >> you would think it gives them a sobering sense of if we do the right thing, maybe the economy keeps growing, if we do the wrong thing, might tip the united states. some think even the possibility of another global recession. you would think it would be a motivation to get things done. if you listen to what's said publicly, see if they're working out a deal privately, there are staff level conversations but most of the big voices dug in. >> you had a fascinating interview with the head of the international monitoring fund, it will air sunday on "state of the union." let me play a clip. what happens in fiscal cliff negotiations in washington could have a huge impact around the world. >> there's still that degree of uncertainty that fuels doubt, that prevents investors, entrepreneurs, households from making decisions because they don't know what tomorrow will be. they know that a fix has been found for today but there is still work to be done tomorrow and day after tomorrow. so it wou
on the fiscal cliff. >> how does it play into fiscal cliff negotiation? >> you would think it gives them a sobering sense of if we do the right thing, maybe the economy keeps growing, if we do the wrong thing, might tip the united states. some think even the possibility of another global recession. you would think it would be a motivation to get things done. if you listen to what's said publicly, see if they're working out a deal privately, there are staff level conversations but...
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cliff compromise talks fail. >> the point was, we have to face reality. the reality is that the president was re-elected, that taxes, if we do nothing on every american are going up on january the 1st. >> reporter: another goal of this new plan "b" tactic, try to force the president to agree that any package to reduce the deficit be equal parts tax increases and spending cuts. >> that, at this point, would be my version of a balanced approach. >> reporter: part of the republican strategy is also to call the democrats' bluff. just two years ago, high-profile democrats came up with the idea of extending tax cuts for incomes up to $1 million. now democrats think they hold the cards and say, no way. >> everyone should understand, boehner's proposal will not pass the senate. >> reporter: the white house argues the president gave a lot of ground in a proposal leaked to reporters monday night, making concessions to the gop position on tax rate increases and spending cuts. in fact, a democratic source in the room tells cnn the president's congressional liaison go
cliff compromise talks fail. >> the point was, we have to face reality. the reality is that the president was re-elected, that taxes, if we do nothing on every american are going up on january the 1st. >> reporter: another goal of this new plan "b" tactic, try to force the president to agree that any package to reduce the deficit be equal parts tax increases and spending cuts. >> that, at this point, would be my version of a balanced approach. >> reporter: part...
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and avoid falling off the fiscal cliff. wolf, i also have some news. tomorrow i am told by senior administration officials, president obama will make a statement on the u.s. economy. this will be president obama's first statement from the white house since his re-election. and no doubt will be an opportunity for him to address some of these pressing issues raised by the cbo report, by the fiscal cliff, by our economic conditions right now, wolf. >> we will, of course, have live coverage of the president's statement on the economy. you're also finding out, jessica, some new information about the president's agenda for his second term. >> that's right, wolf. you know, during this election pundits criticized president obama for offering too few specifics during his campaign about what a second term would hold. the truth is, he did lay out a plan for his second term. you might criticize it as too light on the details, but there was an agenda and here's some of it. while the details may be sparse, president obama did outline a s
and avoid falling off the fiscal cliff. wolf, i also have some news. tomorrow i am told by senior administration officials, president obama will make a statement on the u.s. economy. this will be president obama's first statement from the white house since his re-election. and no doubt will be an opportunity for him to address some of these pressing issues raised by the cbo report, by the fiscal cliff, by our economic conditions right now, wolf. >> we will, of course, have live coverage...
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on the top 2% as part of a larger fiscal cliff deal. in a conference call today, their chairman at the business roundtable said, some executives are unhappy that we want to even mention revenues or taxes but he said everybody's got to feel a little bit like they are getting nailed and then we will know if we've got a deal. white house officials met with this group and also helped them get to this place. they said, bottom line, they knew that they thought their prospects deal was grim and this was a step they had to take to help both sides come to a deal. >> maybe it will help because a lot of these guys are very, very influential. speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it alrea
on the top 2% as part of a larger fiscal cliff deal. in a conference call today, their chairman at the business roundtable said, some executives are unhappy that we want to even mention revenues or taxes but he said everybody's got to feel a little bit like they are getting nailed and then we will know if we've got a deal. white house officials met with this group and also helped them get to this place. they said, bottom line, they knew that they thought their prospects deal was grim and this...